10 Best Mortgage Refinance of 2017

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Mortgage Refinance is paying off your existing home loan by replacing it with a new one, with new rates and terms. Most homeowners refinance to obtain better interest rates, change the duration of the loan, to consolidate debt, to tap into home equity to finance a large purchase, or to switch between fixed or adjustable of rates.

Mortgage Refinance can be a great solution to help lower monthly payments when interest rates have dropped, or because your credit score has improved significantly and you can therefore obtain a better rate. It can also shorten the life of your loan if you can afford steeper monthly payments, and help you change between types of interest rates.

The crucial factors to consider when choosing a mortgage refinance lender are the type of loan they offer, the difference to the life of your current loan, the difference in monthly payments, whether closing costs and fees make the refinance unviable, and how long you’re planning on staying in your home. Before starting to comparison-shop, ask yourself what you wish to obtain through the refinance, and if it makes sense as part of a larger financial plan for your future.

For instance, if you’re not planning on staying in your home long enough to recoup the closing costs, refinance may not be advisable. Another possibility is refinancing for a larger amount than your current mortgage, by tapping into your home equity, but this means taking on more debt and paying more interest in the long run. A similar problem occurs when you refinance to a longer term, which lowers your monthly rate, but extends the life of your loan, forcing you to pay more interest. Lastly, refinancing to consolidate and pay off high-interest debt can backfire if it’s not accompanied by effective budgeting.

Top 10 Companies

#1
LendingTree
Our Partner
9.8 / 10
  • Our #1 Choice, A+ Rating with the BBB
  • Rates as low as 3.25% APR (15 yr)
  • Compare quotes from up to 5 lenders for free in minutes
  • Save time, view offers online, and get your free credit score
  • More than 40 million customers served
  • When banks compete, you win!
#2
J.G. Wentworth
Our Partner
8.9 / 10
  • Super Low Mortgage Rates
  • No points and no hidden fees
  • No closing cost options available
  • Named by Lending Tree as top customer-rated in 1Q17
  • A+ BBB Accreditation
  • A wide variety of mortgage refinance options including cash-out and debt consolidation
  • Over $8,000,000,000 dollars in loans funded

 

#3
SoFi
Our Partner
8.9 / 10
  • Easy online application & competitive rates
  • No fees, no catch! No Application, Origination or Lenders Fees.
  • Refinance fast! Typical applications close in 30 days
  • Refinance up to 80% of your home’s value
  • Over $4,000,000,000 dollars in loans funded
#4
  • Close Loans in as Few as 21 Days.
  • Secure lower interest rates and reduce monthly payments
  • Modify your loan term
  • Consolidate multiple debts into one easy-to-manage loan
  • Get pre-qualified online
  • Mortgage Banker Association Member
  • Equal Housing Opportunity Lender
  • Multiple Refinance Programs to Choose From
#5
Loan Depot
Our Partner
8.9 / 10
  • Easy Online Refi Calculator
  • Historically Low Interest Rates
  • Talk to a Licensed Mortgage Banker If You Prefer Phone
  • Cash-out & Debt Consolidation Options
  • Convenient in-home document signing & No Closing Cost Options Available!
#6
Rocket
Our Partner
8.7 / 10
  • Rocket Mortgage by Quicken Loans!  We’ve Reinvented the Refinance Process…
  • Get an automated refinance approval in minutes
  • Save time & avoid paperwork by sharing your finances online. 
  • Real Numbers in Real-Time
  • #1 in Client Satisfaction by JD Power 6 Years in a Row!
#7
Amerisave
Our Partner
8.6 / 10

 

  • Online, Quick and Easy Application Process
  • $1000 Rate Match Guarantee!
  • Receive a no obligation rate quote in one minute.
  • You don't need to input any personal information!
#8
Close Your Own Loan
Our Partner
8.6 / 10
  • $1,000 Best Rate Guarantee
  • Member of Equal Housing Opportunity
  • FDIC Member
  • A+ BBB Accredited
  • No upfront personal information required
  • Minimum credit score requirement 620
#9
Quicken Loans
Our Partner
8.6 / 10
  • #1 in Client Satisfaction by JD Power 6 Years in a Row!
  • A+ Rating with the BBB
  • Industry-Leading Online Tools
  • Award Winning Client Service
  • Multiple Loan & Refinance Options to Fit Your Needs
#10
RefinanceCalculator
Our Partner
8.6 / 10
  • Get multiple quotes in minutes
  • Up to 30 year loan terms
  • No SSN required
  • Quick, easy online application
  • Get the best quotes by letting lenders compete
  • Mortgage refinance even with fair credit 
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Best Mortgage Refinance: Summed Up

RankCompany NameStrengths
1LendingTreeBest Overall
2J.G. WentworthMortgage Related Fees
3SoFiMortgage Related Fees
4CrossCountry Mortgage RefinanceFinancial Reputation

How We Compare Mortgage Refinance

Select 2 mortgage refinance companies to compare
vs
Mortgage Types - 25%
Qualifying - 20%
Mortgage Related Fees - 25%
Financial Reputation - 15%
Reviews & Support Service - 15%

Customer Questions & Answers

What is mortgage refinancing?

Mortgage refinancing replaces an existing mortgage with a new one in order to obtain a better interest rate, or to switch from a variable to fixed structure. This process is more advisable for those with good credit than bad, especially in times of economic uncertainty. If handled irresponsibly, interest rates can increase rather than decrease.

What is a HARP loan?

A Home Affordable Refinance Program (HARP) loan is one backed by the Federal Housing Finance Agency. It is intended for those homeowners who are up-to-date on their mortgage payments, but have very little equity in their homes. In practice, HARP loans are used to help qualified borrowers refinance their home mortgages.

When should I refinance my mortgage?

The best time to refinance a mortgage is within the first third of the term, as monthly installments during that period largely go towards interest repayment. In the case of a 30 year term, refinancing for a lower interest rate within the first 10 years will yield more demonstrable effects than later in the term.

Who should refinance their mortgage?

Mortgage refinancing is best for those with good credit whose current mortgage has an interest rate above the nationwide average. Conversely, if the borrower has bad credit, then their mortgage interest rates could increase, rather than decease. If the borrower cannot afford said increase, then they should not attempt to refinance.

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